The old-style state pension is paid to women born before April, 1953 and men born before 1951 (Image: Getty)
The state pension is set to rise by 4.1% next month and just over three million pensioners are set to receive the maximum increase in their
But Age UK has pointed out that three out of four, or just under 10 million pensioners, will receive less than this amount. This is because there are two types of state , the basic and the new ; which one you get will depend what age you are.
[REPORT]
Those on a full basic , which pays out £169.50 a week, will not get as large a rise as those on the newer , which pays out £221.20.
The basic paid to those who reached the age before April 6, 2016, so men born before April 6, 1951, and women born before April 6, 1953.
The basic will go up by £6.95 a week or £361.37 a year, while those on the , so those who reached official retirement age after April 2016 will see their payments increase by £9.07 a week or £471.62 a year.
Don’t miss… [REPORT] [NEWS]
Caroline Abrahams CBE, charity director at Age UK said: “Many people believe that all pensioners receive the same amount of , but that’s not the case.
“Only pensioners in receipt of the full rate of the new will receive the maximum increase in their this year.
To get the full you need to have 35 qualifying years of National Insurance (NI) contributions.
People can boost a basic by defering it, which means you get a 1% increase for every five weeks you defer your pension, if you are on the new you can get 1% for every nine weeks you defer your pension.
It is also possible to top up your by topping up any missed National Insurance credits. You may have gaps in your National Insurance record if you have taken time out of the workplace to care for children or older relatives.
How to boost a basic state pension
Many Brits are boosting their by more than £10,000 a year through making one simple check
New figures show more than half a million are raking in £5,000 extra in inherited SERPS payments, including 17,460 who received in excess of £10,000.
The figures were obtained by Royal London as pensioners grapple with retirement savings and navigate pension tax. Additional income through this little known rule could help those eligible boost their retirement income.
Royal London found that some widows and widowers are doubling their money to more than £22,000 annually and is urging pensioners to check their entitlements in case they are missing out.
This is in addition to any they are entitled to in their own right. As a result of the inheritance, some pensioners are currently receiving an enhanced of up to £22,858 a year.
A freedom of information (FOI) request by Royal London has revealed that in the tax year 2023/24 over two million pensioners (2,027,440) received a payment from an inherited State Earnings Related Pension Scheme (SERPS).